Hertz Global Hldgs — Financial Results
Hertz Is Still Losing Money, But Losses Are Narrowing Sharply
| Metric | 2025 | 2024 |
|---|---|---|
| Total Revenue | $8,504M | $9,049M |
| Net Loss | $(703)M | $(3,137)M |
| Adjusted Corporate EBITDA | $(339)M | $(1,541)M |
Hertz posted a net loss of $703 million in 2025, which sounds alarming — but it is 78% smaller than the $3.1 billion loss in 2024. The improvement was not driven by revenue growth (revenues actually fell 6%), but by a dramatic reduction in vehicle-related costs. The company remains unprofitable on an operating basis, and that is the central issue investors need to watch.
Fleet Cost Improvements Are the Biggest Story of the Year
| Metric | 2025 | 2024 |
|---|---|---|
| Vehicle Depreciation Expense | $1,927M | $3,611M |
| Americas Depreciation Per Unit Per Month | $310 | $587 |
Vehicle depreciation — what it costs Hertz to own its fleet over time — fell by nearly half, dropping $1.7 billion year-over-year. This reflects a "fleet refresh" that brought in cheaper vehicles, improved used-car market conditions boosting resale values, and a shift to selling vehicles through more profitable channels. In 2024, Hertz was losing money on each car it sold; in 2025, it was making money on those sales. This is the clearest sign of operational progress.
Revenue Is Falling Due to Lower Prices and Fewer Rental Days
| Metric | 2025 | 2024 |
|---|---|---|
| Americas Total RPD (revenue per rental day) | $56.49 | $59.17 |
| Americas Transaction Days | 119.5M | 124.8M |
Total RPD (the average revenue Hertz earns per day a car is rented) fell 5% in the Americas, and total rental days dropped 4%. Both pricing and volume declined across most customer channels. This means demand for Hertz's cars is softening, and the company has less pricing power than a year ago — a concern when costs are still high.
International Business Is a Bright Spot
| Metric | 2025 | 2024 |
|---|---|---|
| International Revenue | $1,745M | $1,651M |
| International Adjusted EBITDA | $124M | $31M |
| International Vehicle Utilization | 79% | 76% |
Outside the Americas, Hertz is actually growing. International revenue rose 6%, vehicle utilization (the share of the fleet actively earning rental revenue) improved to 79%, and segment profit jumped from $31 million to $124 million. This segment is currently the only part of the business generating positive operating profit.
Debt Levels and Interest Costs Remain a Heavy Burden
| Metric | 2025 | 2024 |
|---|---|---|
| Total Interest Expense | $1,077M | $959M |
| Corporate Liquidity | $1,489M | $1,842M |
Hertz carries enormous debt — over $17 billion in vehicle and non-vehicle obligations combined — and interest payments rose 12% to $1.1 billion in 2025. Available corporate liquidity (cash plus undrawn credit lines) fell from $1.84 billion to $1.49 billion, and this was further reduced by a $346 million legal payment made in January 2026. The company has committed to purchasing another $9.4 billion worth of vehicles in the near term, financed mostly by new debt.
One-Time Gains Helped, But Do Not Reflect Ongoing Business Health
In 2025, Hertz recorded a $144 million gain from selling certain physical assets (like real estate) and a $154 million gain from a legal class action settlement. Together, these added roughly $298 million to the bottom line. These are genuine cash inflows, but they are non-recurring — meaning they flattered the 2025 results and will not repeat in 2026.